Pompton Lakes, NJ Median Household Income By Age

Pompton Lakes, NJ median household income by age of householder

As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Pompton Lakes population by age, the median age in Pompton Lakes is 39.1 years.

Typically for a location with median age in this range, it suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Pompton Lakes, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $126,883.

In terms of income distribution across age cohorts, in Pompton Lakes, the median household income stands at $154,529 for householders within the 45 to 64 years age group, followed by $126,883 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $93,062.

For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the borough of Pompton Lakes.

FIGURE 1

Pompton Lakes, NJ median household income by age of householder

It offers a clear illustration of the differences in median household incomes in Pompton Lakes, based on the age of householders divided into four cohorts : Under 25 years, 25 - 44 years, 45 to 64 years and 65 years and over.

Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2012 and 2022, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $32,997(54.94%), escalating from a median of $60,065 in 2012 to $93,062 in 2022. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $4,170(3.40%), increasing from a median of $122,713 in 2012 to $126,883 in 2022.

Pompton Lakes, NJ household income distribution across age groups

To gain a comprehensive understanding of the financial landscape within the Pompton Lakes population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.

Upon closer examination of the distribution of households among age brackets, it reveals that there are 21(0.50%) households where the householder is under 25 years old, 1,361(32.20%) households with a householder aged between 25 and 44 years, 1,641(38.82%) households with a householder aged between 45 and 64 years, and 1,204(28.48%) households where the householder is over 65 years old.

In Pompton Lakes, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.

FIGURE 2

Pompton Lakes, NJ household income distribution across age groups

Household income distribution across 16 income brackets among four distinct age groups in Pompton Lakes: under 25 years, 25-44 years, 45-64 years, and over 65 years

To further explore the income distribution and gain insights into financial landscape of Pompton Lakes when compared to the state of New Jersey and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:

• Householder under 25 years: It is noteworthy that no households in Pompton Lakes, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $101,133 for the state of New Jersey. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
• Householder 25 to 44 years: In Pompton Lakes, among households headed by individuals aged 25 to 44, an impressive 64.95% match or surpass the state of New Jersey median income of $101,133. These 884 households, represent a significant portion of the total 1,361 households in Pompton Lakes within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
• Householder 45 to 64 years: In Pompton Lakes, within the age group of 45 to 64 years, a remarkable 74.16% of households meet or exceed the state of New Jersey median income of $101,133. These 1,217 households, out of the total 1,641 households in this age cohort, signify a substantial portion of mature demographic of Pompton Lakes, showcasing commendable financial stability in comparison to the New Jersey state median income benchmark.
• Householder 65 years and over: In Pompton Lakes, among the over 65 years age group, a noteworthy 48.17% of households either match or surpass the state of New Jersey median income of $101,133. These 580 households, constituting notable portion of the Pompton Lakes borough senior population, showcase commendable financial stability compared to the New Jersey state median income benchmark.

Things to know

Which age group reports the highest median household income in Pompton Lakes, NJ?

In Pompton Lakes, households led by individuals aged 45 to 64 years report the highest median household income of $154,529 according to the American Community Survey 2018-2022 5-Year Estimates by the US Census Bureau.

How does the median household income vary by age in Pompton Lakes, NJ?

In terms of income distribution across age cohorts, in Pompton Lakes, the median household income stands at $154,529 for householders within the 45 to 64 years age group, followed by $126,883 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $93,062..

How does the median household income for households led by individuals of median age compare in Pompton Lakes, NJ?

The median age in Pompton Lakes is 39.1, which falls within the 25 to 44 years range among the four age groups defined by the US Census Bureau. This demographic suggests a dynamic mix of young professionals, often indicative of family formation and career advancement. Interestingly, within Pompton Lakes, the age group of 25 to 44 years exhibited the second-highest median household income, recorded at $126,883.

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